MEGGF - Meggitt's Discount Seems Excessive As A Subsystem Player Not Entirely In Defense
Civil aviation is quite the disaster this year. The pandemic has called into question the viability of an already low-margin airline business as people's behaviour around travel is fundamentally altered. Although we believe that eventually people will adjust to heightened risks in modern civil aviation, going back to travelling at normal rates in a few years, there is no question that large scale capacity investment is not likely in the near-term from carriers. This puts pressure on many aviation and aerospace businesses, Meggitt PLC (MEGGF) (MEGGY) being among them. However, Meggitt has been disproportionately smashed,